Allan C. Brown Realtor®

 

 

 

 

 

 

 

 

 

 

Common House Buying Mistakes

Buying a house covers a lot of ground--including legal, financial and emotional considerations. To not educate yourself and learn from the mistakes of others only sets you up to be at best disappointed and at worst finding yourself living in the wrong house. We have listed some of the most prevalent--and potentially dangerous and expensive--mistakes made by first time home buyers.

Over-Buying the First Time

Being "house poor" is a very uncomfortable existence. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of your earnings goes to the support of your house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to--or beyond--your limits leaves you highly exposed when the inevitable changes to the national or your personal economy occur. Leave yourself some breathing room! See the sections devoted to finances and budgets.

Not Getting a Mortgage Approval

In the past it may have been different, but in the year 2000, pre-qualification and pre-approvals are a necessary part of the home buying process. Not only will it give you an exact price range for your purchase, pre-approval will add a great deal of strength to your offer.

Waiting for the "Perfect" Home

Many first time buyers make the mistake that they will, if they look around long enough, find a home that has a full 100% of their needs and wants. With the thousands of variables available in housing, including location, style, size, amenities and condition, this is almost always an unrealistic goal. There are two potential problems with this strategy: First, these buyers pass by homes that meet 90% or more of their requirements only to eventually give up (often purchasing homes with less of their requirements because they are worn out!) and second, while they are waiting for the "perfect" home, housing market prices (and often mortgage rates) continue to rise, adding expense to their purchase. Instead, it makes sense to determine the most important of your needs and the most desired of your wants and selecting a home that meets the majority of them.

Short-Cutting the Inspection Process

This can involve skipping a whole house inspection completely in order to save the relatively small amount of money involved or it may involve using a friend or relative with limited experience to conduct the inspection. In either case you run the risk of not exposing potentially expensive--or even hazardous--defects in the property. Protect yourself and invest the $200 to $500 for a professional inspection.

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